Decision details

Purpose of Report: To present the Financial Strategy, including detailed revenue budget proposals.

Members will be asked to: Recommend the proposals to Full Council.

This item was originally due to be received by the Executive on 13 February 2025, but has been brought forward to the 21 January 2025 in order to fit with budget timelines.

Resolved:

                         i.         To recommend to Council approval of the budget

proposals as outlined in the report. In particular:

a.    The net revenue expenditure requirement of £156.921m;

b.    A council tax requirement of £120.180m;

c.    The revenue growth proposals as outlined in paragraphs 51 to 53;

d.    The 2025/26 revenue savings proposals as outlined in annex 2;

e.    The fees and charges proposals as outlined in annex 3;

f.     The Housing Revenue Account (HRA) 25/26 budget set out in annex 5;

g.    The Dedicated Schools Grant (DSG) proposals outlined from paragraph 141;

h.    The Flexible Use of Capital Receipts Policy set out in annex 7, including delegation to the Director of Finance to determine the costs that can be charged to the transformation programme.

Reason:     To ensure a legally balanced budget is set.

                        ii.         Approved the average rent increase of 2.7%

to be applied to all rents for 2025/26.

Reason:     To ensure the ongoing financial stability of the HRA and allow work on improving the quality of the council’s affordable housing to continue.

                      iii.         Approved the Discretionary Rate Relief Policy

set out in annex 9 and the Hardship Policy set out in annex 10.

Reason:     To ensure policies reflect the latest statutory guidance.